Notice to Bidders
1. Properties are offered subject to the “Common Auction Conditions (4th Edition April 2018)” which are reproduced with the consent of the Royal Institution of Chartered Surveyors.
These Conditions have three main sections:
This gives special meanings to some words used in the rest of the conditions.
b. The conduct of the auction
These conditions regulate the conduct of the auction.
If you read our catalogue or attend the auction you do so on the basis that you accept them.
c. Conditions of sale
If you buy you will sign a sale memorandum under which you agree to be bound by the conditions of sale for that lot. These conditions are:
• General conditions that apply to all lots.
• Any extra conditions in the catalogue or an addendum.
• Special conditions that only apply to the lot you are buying (and which may vary the general conditions).
These conditions are legally binding.
2. A prudent buyer before bidding will:
• Take professional advice from a solicitor and, in appropriate cases, a surveyor and an accountant.
• Read the conditions.
• Inspect the lot.
• Carry out usual searches and make usual enquiries.
• Check the content of all documents.
• Check the accuracy of the catalogue.
• Have finance available for the deposit and the purchase price.
• Check whether VAT registration and election is advisable.
The conditions assume that the buyer has acted like a prudent buyer. If you choose to buy a lot without taking these normal precautions you do so at your own risk.
3. Photographs or plans are for identification purposes only to assist you in the location of the property and they are not intended to show the interest to be sold. Such photographs and plans are expressly excluded from the contract of sale. Location plans are reproduced with permission of Ordnance Survey under licence number ES100004608. All measurements and dimensions are approximate. No services or systems (e.g. central heating, fire and burglar alarms) have been tested. The accommodation describes the number of rooms as currently arranged. A statement for one lot does not imply that it does/does not apply to another. In any ‘LEASE DETAILS’ information ground rent may be payable and may rise whether or not it is stated. Dimensions/areas/accommodation supplied in legal documents such as leases and EPCs should not be relied upon and you should verify by your own inspection/measuring.
4. There may be updates to information issued either in this catalogue or elsewhere. A notice detailing such changes will be available at the auction, or an announcement may be made from the rostrum. Updates are also posted online at strettons.co.uk You are advised to check with us on arrival at the auction as to whether there are any changes affecting the lot for which you intend to bid. If you do bid you will be assumed to do so with knowledge of any such changes. You should also check whether a lot in which you are interested has been withdrawn or sold prior.
5. Offers can be submitted to buy a lot before the auction and if acceptable a sale can proceed but the property will not be withdrawn from the auction until contracts have been exchanged.
6. Some sellers require the buyer to contribute towards their legal/administrative costs by specifying an additional amount payable on completion. If applicable then it will be detailed in the special conditions of sale applying to that lot.
7. No employee of the auctioneers has the authority to make or give any representation or warranty about any of the lots to be offered.
8. The successful bidder must pay the deposit by personal bank debit card (but not business debit or credit card), bankers draft, building society draft or by cheque. If this requirement is not complied with then we reserve the right to offer the lot elsewhere or again by auction and claim any loss from you. Drafts should be made payable to Strettons. We are unable to accept the deposit payment in cash.
9. If you are successful in the bidding then you have entered into a binding contract to purchase the lot subject to the conditions of sale. You must immediately give to the auctioneer’s clerk your name and address and that of your solicitor, provide two forms of proof of identity to include both the name and address of the buyer, pay the 10% deposit (or £3,000 whichever is the greater) and sign the sale memorandum before leaving the room.
10. If you are successful then, unless otherwise stated in the conditions of sale, the lot will be at your risk upon the fall of the gavel and so you are recommended to arrange insurance as soon as possible. There will be an insurance desk at the auction from where in most cases immediate cover may be arranged.
11. Each successful buyer will be required to pay to Strettons a BUYER’S ADMINISTRATION FEE of £995 including VAT on exchange of contracts for each lot purchased (or £595 including VAT for transactions of less than £10,000).
12. Various non-optional fixed or variable additional fees and costs may be payable by the buyer on top of the purchase price. These will include a buyer’s administration fee and may include a contribution towards the seller’s and/or their solicitor’s costs, documentation costs, ground rent, apportionment of rent/service charge, rent/service charge arrears, VAT, Stamp Duty Land Tax etc. To establish the full cost of purchasing a property please obtain your own independent advice and inspect the legal documentation/special conditions.
13. No responsibility is accepted for any information unless taken from our own catalogue or web site, or specifically provided by a member of the Strettons’ auction team.
14. Most Sellers will not allow us to release keys until after completion. In other cases we will only release keys after deposits have cleared which will usually be two or three days and then only with the Sellers consent.
15. Some of the lots in this catalogue may be in poor repair. Please take care when inspecting. All viewings are undertaken entirely at your own risk.
16. Guide prices are for guidance purposes only, and represent the range within which the reserve (the minimum figure at which a lot can be sold) may be set at the time of catalogue printing. Guides may change at any time before the auction, and properties could sell above or below the figures quoted, but we do update them on our auction web site each working day up to the last such day before the auction, and they are shown on the printed auction day announcement sheet. If a change occurs after this publication deadline then an announcement will be made from the rostrum. If the guide price is stated as a single figure then the reserve will be within 10% of the stated figure.
17. The word “Equivalent” in relation to rent means the corresponding annual amount due.
18. Before bidding all bidders need to provide valid ID. If you would like further advice or assistance on property auctions, please contact our auctions team.